Balance Sheet Current liabilities Accounts payable Wages payable Interest payable ncome taxes payable $ 30,000 $ 38,000 32,000 18,000 9.000 18,000 5,000 $ 89,000 $ 79,000 8,000 Total current liabilities 98,000 88,000 Notes payable (long-term) Total liabilities $ 187,000 $ 167,000 Stockholders' equity Common stock Retained earnings Total stockholders' equity $ 145,000 $ 123,000 32,000 11,000 $ 177,000 $ 134,000 $ 364,000 $ 301,000 Print Done 31, 2017 and 2016, is as follows Inc Desmond Isle Travel Services, Inc. Comparative Balance Sheets December 31.2017 and 2016 Assets ces, Inc., for 2017 2016 2017 Transactions Current assets Cash Accounts receivable Inventory $ 42,000$ 13,000 81,000 87,000 60,000 21,000 14,000 17,000 $ 197,000 $ 138,000 a. Land was sold for $13,900 b. Equipment was purchased for cash. c. There were no disposals of equipment during the year d. The common stock was issued for cash e. Net income for 2017 was $33,000 Prepaid insurance Total current assets f. Cash dividends paid during the year were $12,000 Land Equipment Less: Accumulated depreciation Total assets $ 102,000 $ 119,000 85,000 59,000 (20,000) (15,000) $ 364,000 $ 301,000 PrintDone Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and decreases in cash.) Desmond Isle Travel Services, Inc. Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities Adjustments to reconcile net income to cash basis